??营收净利双降 高溢价并购埋雷 罗博特科筹划H股上市

Core Viewpoint - Robotech Intelligent Technology Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to advance its "clean energy + semiconductor" dual strategy and global expansion, despite facing significant operational challenges and regulatory scrutiny [1] Group 1: Financial Performance - The company's core business in photovoltaic automation equipment has been severely impacted by industry cycles, with a 65.53% year-on-year revenue drop to 249 million yuan and a net loss of 33.33 million yuan, a 161.47% decline [2] - Historical data shows extreme volatility in profitability, with net profits fluctuating from 100 million yuan in 2019 to losses of 67 million yuan in 2020 and 47 million yuan in 2021, followed by a brief recovery to 77 million yuan in 2023, before falling again to 64 million yuan in 2024 [2] Group 2: M&A and Goodwill Risks - To expand its semiconductor business, the company acquired German photonics equipment manufacturer ficonTEC for 1.012 billion yuan, resulting in a significant increase in goodwill to 971 million yuan, a rise of approximately 1270 times from the previous balance [3] - The company faces potential goodwill impairment risks if the acquired company's actual performance does not meet expected profitability levels, which could negatively impact its financial results [3] Group 3: Regulatory and Governance Issues - The company has faced multiple information disclosure violations, including a significant earnings forecast revision in 2022 that led to regulatory warnings, and issues related to undisclosed agreements in the 2025 acquisition [4] - These governance deficiencies highlight the need for improved investor protection mechanisms, and the company's announcement of H-share listing aims to enhance its dual strategy, but skepticism remains regarding its operational quality and transparency [4]